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For more information we refer you to the EBITDA and adjusted EBITDA reconciliation section contained in this press release.

Net Loss
For the second quarter of 2012, Net Loss amounted to $28.4 million or $2.37 loss per basic and diluted share, as compared to a Net Profit of $0.65 million or $0.09 profit per basic and diluted share in the same quarter of 2011, based on weighted average common shares outstanding of 11,957,064 basic and diluted for 2012; 7,314,930 basic and diluted for 2011, on a reverse split adjusted basis.

Debt Repayment and capital expenditure requirements for 2012
Seanergy ended the second quarter of 2012 with $296.2 million of outstanding debt. This reflects the repayment of $50.2 million of debt principal during the six month period ended June 30, 2012.

Assuming no changes, scheduled repayment of debt principal is expected to reach $14.2 million over the next two quarters of 2012. In terms of maintenance capital expenditure, we expect to incur approximately $0.5 million in drydocking costs for the remainder of 2012.

Six Months Ended June 30, 2012 Financial Results:

Net Revenues
Net Revenues for the first half of 2012 decreased to $35.6 million from $53 million in the same period in 2011. The decrease in revenue is due to the reduced size of our fleet, which resulted in 5% less operating days and the market-induced weakness in the daily rates earned by our vessels.

EBITDA, Operating Income
Excluding non-cash losses resulting from the African Zebra and BET Scouter sales, as well as the non-cash impairment loss of BET Fighter, adjusted EBITDA was $10.3 million for the first half of 2012, as compared to $26.5 million in 2011. Including non-cash losses of $27.3 million, we recorded negative EBITDA of $17.1 million for the six month period ended June 30, 2012.

Operating loss amounted to $27.8 million for the six months ended June 30, 2012, as compared to an operating income of $7.1 million for the same period in 2011.

As mentioned above, the decreases in EBITDA and Operating Income compared to the first half of 2011 were a result of lower revenue due to the smaller size of the fleet and the weakness in the shipping market, as reflected by a 31% reduction in the BDI from the same period of 2011.

Please refer to the EBITDA reconciliation section contained in this press release.

Net Loss
For the first six months of 2012, Net Loss was $34.7 million or $2.92 loss per basic and diluted share, as compared to a Net Loss of $0.88 million, or $0.12 loss per basic and diluted share, in the same period of 2011, based on weighted average common shares outstanding of 11,880,499 basic and diluted for 2012; 7,314,930 basic and diluted for 2011 on a reverse split-adjusted basis.

Second Quarter Developments:

Receipt of NASDAQ notice
Seanergy received a written notification by NASDAQ, dated June 29, 2012 indicating that because the market value of publicly held shares of the Company's common stock for 30 consecutive business days from May 16, 2012 through June 28, 2012 was below the minimum listing requirement of $5 million for the continued listing on the NASDAQ Global Market, the company is not in compliance with NASDAQ listing rule 5450 (b)(1)(c). The applicable grace period to regain compliance is 180 days from the receipt of the notice. The company intends to monitor the market value of the publicly held shares of the Company's common stock through December 26, 2012 and is considering its options for regaining compliance with the requirement.